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Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism

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Foss, Nicolai
Garzarelli, Giampaolo

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Abstract

The paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann’s idiosyncratic (read: eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position to economics that anticipated developments in contemporary new institutional economics. (2) Lachmann’s sociological and economic reading of institutions offers insights for the problem of coordination. (3) Lachmann extends contemporary new institutional theory without simultaneously denying the policy approach of comparative institutional analysis.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3087.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:3087

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Keywords: Comparative institutional analysis coordination expectations institutional evolution interpretative institutionalism

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Find related papers by JEL classification:
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
B31 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - Individuals

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ger Klaassen & David Pearce, 1995. "Introduction," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 5(2), pages 85-93, March. [Downloadable!] (restricted)
  2. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211. [Downloadable!] (restricted)
  3. Israel M. Kirzner, 1962. "Rational Action and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 70, pages 380. [Downloadable!] (restricted)
  4. Langlois, Richard N., 1982. "Economics as a Process, Notes on the "New Institutional Economics"," Working Papers 82-21, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  5. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, May. [Downloadable!]
  6. Lewin, Peter, 1997. "Hayekian Equilibrium and Change," Journal of Economic Methodology, Taylor and Francis Journals, vol. 4(2), pages 245-66, December.
  7. Koppl, Roger & Whitman, Douglas Glen, 2004. "Rational-choice hermeneutics," Journal of Economic Behavior & Organization, Elsevier, vol. 55(3), pages 295-317, November. [Downloadable!] (restricted)
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  1. Garzarelli, Giampaolo & Limam, Yasmina Reem & Thomassen, Bjørn, 2007. "Open Source Software and Economic Growth: A Classical Division of Labor Perspective," MPRA Paper 3849, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2008-11-17.

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